₹2.25 lakh salary, 25 years' experience: RBI begins search for deputy governor as Michael Patra's term nears end

The Reserve Bank of India (RBI) has invited applications for the position of deputy governor, with Michael Patra, currently in charge of monetary policy, set to step down when his term concludes on January 15, 2025.

The central bank, in its advertisement dated November 4, called for applicants with at least 25 years of work experience in public administration, including experience at the level of secretary or equivalent in the government of India. Those with at least 25 years of work experience in Indian or international public financial institutions can also apply.

“Persons of exceptional merit and track record at the national or international level in the relevant field(s)” are also eligible to apply.

However, the applicants should not be more than 60 years of age as of January 15, 2025.

The selected candidate will be offered a three-year term, with eligibility for reappointment.

The position offers a pay scale of ₹2,25,000, classified as Level 17.

Who is Michael Patra?

Michael Patra, a career central banker with over three decades at the RBI, has played a crucial role in India’s monetary policy framework. Appointed as deputy governor in January 2020, Patra’s initial three-year term was extended by one year in 2023.

Patra has held various key positions within the RBI, including Executive Director responsible for the monetary policy committee.

Patra is the only member of the MPC who has been involved since its inception in 2016 and was the member secretary of the Urjit Patel Committee, which established the inflation-targeting framework and the six-member MPC structure.

The RBI has four deputy governors, two of whom are traditionally internal promotions, while the other two positions are filled by individuals from outside the central bank, typically a commercial banker and an economist.

Applications for the deputy governor role must be submitted to the ministry of finance by November 30, 2024, addressed to Under Secretary Sanjay Kumar Mishra.